Broadway, New Jersey Property Taxes
The median property tax rate in Broadway, NJ is 3.07%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Broadway, the typical annual property tax bill reaches $5,632, exceeding the national median of $2,690. Property taxes in Broadway are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broadway's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Broadway or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broadway, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.07%
Estimate Property Tax Bill
$5,633
Ownwell’s Broadway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadway to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Broadway, New Jersey
Property taxes in Broadway, New Jersey, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadway is 3.07%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Broadway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadway estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Broadway's effective property tax rate to other counties in New Jersey and the national median. For comparison, the 08808 zip code has both the highest and lowest median property tax rate of 3.07%. Understanding how these cities compare with Broadway provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadway Tax Rate
3.07%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08808 | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% |
Source: Ownwell
Property Tax Assessment Values Across Broadway, New Jersey
In Broadway, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Warren County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Broadway, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Broadway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Broadway are both $5,632, found in the 08808 zip code.
Average Broadway Assessed Value
$183,500
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broadway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08808 | $183,500 | $183,500 | $183,500 | $183,500 | $183,500 |
Source: Ownwell
Property Tax Bills Across Broadway, New Jersey
In Broadway, Warren County, NJ, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Broadway, the median home price is $183,500, leading to a median tax bill of $5,632. This figure is significantly higher than the national median property tax rate of 0.99%, highlighting the impact on homeowners in this region. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Understanding these elements is crucial for homeowners as property taxes represent a significant annual expense. Accurately assessed values ensure that homeowners pay their fair share, contributing to local services and infrastructure.
Average Broadway Tax Bill
$5,632
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadway, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08808 | $5,632 | $5,632 | $5,632 | $5,632 | $5,632 |
Source: Ownwell